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UML's conflict of interest in Manmohan Bill

KATHMANDU, August 6: Lawmakers with their investment in the medical sector have filed amendments to kill or weaken Manmohan provisions of the National Medicine Education Bill currently under considerations in the parliamentary committee. This has made experts worried that the medical sector could get even worse if the amendments sought by the lawmakers are incorporated in the Bill.

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European banks pull back after collapse of First Republic in U.S.

ROME, May 3: European banking stocks fell sharply on Tuesday in the wake of the failure and subsequent takeover of United States-based First Republic Bank. Markets have also been negatively affected by speculation over interest rate hikes in the United States and Europe, with of

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Govt prepares dedicated law to control conflict of interest

The government is preparing to enact a special law dedicated to controlling conflict of interest, announces the Ministry of Law, Justice and Parliamentary Affairs. The post Govt prepares dedicated law to control conflict of interest appeared first on OnlineKhabar English News.

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India central bank hikes interest rates after two years

MAY 5: The Reserve Bank of India (RBI) raised the repo rate - at which it lends money to commercial banks - by 40 basis points to 4.4%. The rate had been reduced to a record low of 4% during the Covid-19 pandemic. RBI governor Shaktikanta Das made the surprise announcement during an online media briefing on Wednesday. The RBI also announced a 50 basis point increase in the cash reserve ratio - the percentage of cash that banks need to keep in reserve against their total deposits - to suck out excess liquidity from the system. The decision came amid soaring prices of food and fuel, with inflation at an 18-month high and higher global prices filtering through into India. "Inflation-sensitive items relevant to India such as edible oils are facing shortages due to the conflict in Europe and export bans by key producers. The jump in fertiliser prices and other input costs has a direct impact on food prices in India," Mr Das said. RBI believes this, coupled with lockdowns in major production hubs such as China, is likely to "accentuate global supply chain bottlenecks while depressing growth", and pose further upside risks to India's inflation trajectory. He added that food inflation is expected to remain high as "spillovers from global wheat shortages are impacting domestic prices, even though domestic supply remains comfortable". But despite lingering global headwinds and intensifying geopolitical headwinds, RBI believes domestic growth will be supported by a broad rebound in economic activity, the forecast of a normal monsoon and a revival in the investment cycle and exports. According to economists, the RBI's decision, which came ahead of the US Federal Reserve's meeting later on Wednesday, was slow to come, given inflation is at its highest levels in several decades in many developed economies. They also forecast more rate hikes in the year ahead. "We do foresee an additional 35-60 bps of rate hikes in the remainder of H1 FY2023," said Aditi Nayar, Chief Economist, ICRA Limited, in a press statement. According to the real estate consultancy, the hike signals "an imminent end to the all-time low interest regime, which has been one of the major drivers behind home sales across the country since the pandemic began," and will dampen housing demand to some extent. It will also raise the borrowing costs of companies, which have already begun passing these on to consumers. According to industry bodies, this will end up hurting consumer and business sentiments at a time when the economy is still recovering from the pandemic. "Any increase in the interest rate will further impact the cost of doing business, which is already high viz-z-viz high raw material cost," said Pradeep Multani, president, PHD Chamber of Commerce and Industry. Indian households have been struggling to stretch their budgets over the past few months as prices of daily household items such as cooking oil and lemons soar. Economists point to a number of reasons - from higher transportation costs to supply side bottlenecks, and a weakness in the jobs market that suppresses disposable incomes. After the rate hike announcement, the Indian markets closed the day in the red with a 1,300 point loss on the benchmark 50-share Sensex.

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IMF cuts 2022 global growth forecast to 3.6 pct amid Russia-Ukraine conflict

WASHINGTON, April 20: The International Monetary Fund (IMF) on Tuesday slashed global growth forecast for 2022 to 3.6 percent amid the Russia-Ukraine conflict, 0.8 percentage points lower than the January projection, according to its newly released World Economic Outlook report. The Ukraine crisis unfolds while the global economy is "on a mending path" but has not yet fully recovered from the COVID-19 pandemic, the report said, noting that global economic prospects have worsened "significantly" since the forecast in January. A severe double-digit drop in gross domestic product (GDP) for Ukraine and a large contraction in Russia are "more than likely," along with worldwide spillovers through commodity markets, trade and financial channels, the report showed. This year's growth outlook for the European Union has been revised downward by 1.1 percentage points to 2.8 percent due to the indirect effects of the conflict, making it a large contributor to the overall downward revision, according to the report. The U.S. economy is on track to grow 3.7 percent in 2022, 0.3 percentage points lower than the January projection, before growth moderating to 2.3 percent in 2023. The Chinese economy is expected to grow 4.4 percent this year, 0.4 percentage points lower than the previous projection, followed by a 5.1-percent growth in 2023, the report showed. China's National Bureau of Statistics said on Monday the country's GDP grew 4.8 percent year on year in the first quarter, marking a steady start in 2022 in the face of global challenges and a resurgence of COVID-19 cases. Analysts said the full-year growth target of 5.5 percent set by China's policymakers is still attainable but requires greater efforts, given increasing economic headwinds. Global growth is projected to decline from an estimated 6.1 percent in 2021 to 3.6 percent in both 2022 and 2023, 0.8 and 0.2 percentage points lower for 2022 and 2023, respectively, than in the January projection, the report noted. The report laid out five principal forces shaping the near-term global outlook: the Russia-Ukraine conflict, monetary tightening and financial market volatility, fiscal withdrawal, slowing growth in China, and pandemic and vaccine access. Inflation has become "a clear and present danger" for many countries, IMF chief economist Pierre-Olivier Gourinchas said at a virtual press conference during the 2022 spring meetings of the IMF and the World Bank. He said even prior to the Russia-Ukraine conflict, inflation surged on the back of soaring commodity prices and supply-demand imbalances, and many central banks, such as the U.S. Federal Reserve, had already moved toward tightening monetary policy. Conflict-related disruptions "amplify those pressures," said Gourinchas. "We now project inflation will remain elevated for much longer." For 2022, inflation is projected at 5.7 percent in advanced economies and 8.7 percent in emerging markets and developing economies, 1.8 and 2.8 percentage points higher than the January projection, the report showed. Financial conditions tightened for emerging markets and developing countries immediately after the conflict, Gourinchas noted. "Several financial fragility risks remain, raising the prospect of a sharp tightening of global financial conditions as well as capital outflows," he said. On the fiscal side, policy space was already eroded in many countries by the pandemic, said the IMF chief economist. "The surge in commodity prices and the increase in global interest rates will further reduce fiscal space, especially for oil- and food-importing emerging markets and developing economies." The report also warned that the conflict increases the risk of a more "permanent fragmentation" of the world economy into geopolitical blocks with distinct technology standards, cross-border payment systems and reserve currencies. "Such a 'tectonic shift' would cause long-run efficiency losses, increase volatility and represent a major challenge to the rules-based framework that has governed international and economic relations for the last 75 years," Gourinchas said. In response to a question from Xinhua, the IMF chief economist said at the press conference that the multilateral organization thinks fragmentation "is more of a longer run risk than a short run risk." "We are not anticipating that there will be immediately severe dislocation, but you could see countries sort of de-globalizing or reverting and undoing some of the gains from trade integration," Gourinchas said. "And that's certainly a source of worry for us." The IMF urged central banks to adjust their policies decisively to ensure that medium- and long-term inflation expectations remain anchored, noting that clear communication and forward guidance on the outlook for monetary policy will be "essential" to minimize the risk of disruptive adjustments. Several economies will need to consolidate their fiscal balances, the report noted, adding that this should not impede governments from providing well-targeted support for vulnerable populations, especially in light of high energy and food prices. "Embedding such efforts in a medium-term framework with a clear, credible path for stabilizing public debt can help create room to deliver the needed support," according to the report. Gourinchas also argued that even as policymakers focus on cushioning the impact of the war and the pandemic, other goals will require their attention, noting that the most immediate priority is to end the war. He also urged countries to close the gap between stated ambitions and policy actions on fighting climate change, secure equitable worldwide access to the full complement of COVID-19 tools to contain the virus, as well as ensure that the global financial safety net operates effectively. "The many challenges we face call for commensurate and concerted policy actions at the national and multilateral levels to prevent even worse outcomes and improve economic prospects for all," he added.

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NATO summit confirms desire to prolong conflict, says Russia

MOSCOW, March 25: The extraordinary summit of the North Atlantic Treaty Organization (NATO) held Thursday has confirmed the alliance's desire to contain Russia and prolong the military conflict in Ukraine, the Russian Foreign Ministry said. "The decision announced at the summit to continue providing political and practical support to the Kiev regime confirms the alliance's interest in continuing hostilities," the ministry's spokesperson Maria Zakharova said in a statement. NATO members have demonstrated their loyalty to Washington by vowing to follow its orders aimed at ultimately containing Russia, she said, adding Washington once again "disciplined" its allies by pressuring sovereign countries and further erasing Europe's strategic autonomy. "They silently watched the United States destroy the Anti-Ballistic Missile Treaty, stood aside when Washington withdrew from the Intermediate-Range Nuclear Forces Treaty, allowed the Americans to withdraw from the Treaty on Open Skies," Zakharova said, stressing that NATO members have been slowly destroying the European security system. NATO is using its "anti-Russian course" as a pretext to increase the purchase of weapons, which are being supplied by the U.S. military industrial complex, she noted. To cover up Washington's "dirty practices" regarding secret research on biological and chemical weapons, NATO has launched a groundless disinformation campaign accusing Russia of possible provocations, the spokesperson added.

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Ukraine conflict: Your guide to understanding day five

MARCH 1: Russia is becoming more isolated, with President Putin's announcement that he had put Russia's nuclear forces on "special" alert causing widespread alarm. The Kremlin on Monday said that Russia's move was prompted by comments from UK Foreign Secretary Liz Truss and others, something dismissed by the British foreign office. But what does Putin's announcement mean? Russia accused of shelling residential areas On the ground, dozens of people were killed on the fifth day of the Russian invasion as the city of Kharkiv was hit by heavy rocket fire, according to Ukrainian officials. Videos on social media showed rockets landing all over Kharkiv, Ukraine's second city, which has a population of 1.4 million. Hundreds were also reported injured. Russia has previously denied targeting residential areas. Meanwhile, Russian and Ukrainian representatives held talks in Belarus. Expectations for an immediate resolution were not high before the meeting and after several hours the talks ended, with reports that a second round could take place in the coming days. As night fell air raid sirens were once again heard in Kyiv and residents had to take shelter amid reports of new Russian attacks on the outskirts of the capital. Satellite images revealed a long convoy of Russian military vehicles heading south towards Kyiv. 'The war has united people as never before' Underground and above ground in central Kyiv, more and more life has been slowing to a stop. The underground metro now only operates a train every hour or two and carriages are half empty. Meanwhile, people continue to use the stations, deep beneath the city, as bomb shelters. Some of the people out on the streets today were Russian-speakers, the people Russia has accused Ukraine of persecuting. Tamara speaks good Ukrainian but from her words I can tell her native language is Russian. She says she and her husband are from Kharkiv, a mainly Russian-speaking city in east Ukraine. Russian artillery has hit it heavily today. She speaks about the immense sense of unity, support and care among Ukrainians and breaks into tears. A young man approached me with a black AK-47 on his shoulder and a yellow band around his right arm - a symbol that he is a civilian volunteer. He is called Artem and uses Russian and Ukrainian mixed in his conversation. Artem said that as a Russian-speaker, he'd never encountered any problems in Ukraine before the invasion. "This war has united people as never before," he said. A huge refugee crisis The United Nations' refugee agency says half a million people have now fled Ukraine to neighbouring countries. The BBC's Jeremy Bowen saw queues of about a mile (1.6km) at one of the many border crossings into Poland. He says people are travelling on foot as well as in cars and coaches, and many of those being brought to the border are children. More than 100,000 people are also displaced within Ukraine, according to the UN. The BBC's Fergal Keane witnessed angry scenes at Lviv station as desperate families tried to board trains, with pushchairs lifted over the heads of the crowd to the platforms. Russia's interest rate doubled Russia doubled its interest rate to 20% as sanctions caused its currency to plunge in value. The collapse in value of the Russian rouble erodes the currency's buying power and could wipe out the savings of ordinary Russians. "There are no dollars, no roubles - nothing! Well, there are roubles but I am not interested in them," a man queuing at an ATM in Moscow told the BBC. There were fears of a possible run on banks in the country, after long queues were seen at cash machines as well as in some food shops. Despite the financial hit the Kremlin said Russia will "ride out" economic sanctions. Acts of defiance, bravery - and sabotage Since the invasion began, videos from social media have showed Ukrainians standing up to Russian troops. Some have angrily confronted soldiers while others have attempted to stop tanks from entering populated areas. Other have taken up arms to try to help defend their country. One MP, Lesia Vasylenko, told the BBC that her father-in-law has trained her to use an AK-47 And in the very different location of the Spanish island of Majorca, a Ukrainian sailor admitted trying to sink a yacht owned by the head of a Russian state arms firm. He told a judge that it was in retaliation for attacks in Ukraine and that he regretted nothing.

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UML General Secy Pokharel regrets party split

KATHMANDU: CPN (UML) General-Secretary Shankar Pokharel regretted that the leftist political parties should not have split due to intraparty dispute among the leaders or conflict of interest regarding party policy and program.  Extending best wishes to the CPN (Maoist Center)'s Eighth National General Convention in the capital on Sunday, General-Secretary Pokharel underscored an honest effort for the party unification bid.  "Although the communist coalition formed during the last election as per the mandate of the public, it was unfortunate that split in the alliance could not be staved off," Pokharel bemoaned.  Regretting that the unity in the CPN-UML could not be fended off from the split, he argued that it was essential to move ahead according to the expectation of the public rather than being swayed by the intraparty disputes and conflict of interest.  "It's high time we introspective whether we could deliver development and prosperity," said the General-Secretary. He recalled the peaceful rally he had led in protest of the suppression by the erstwhile government on Maoist cadres when they had launched the armed conflict in Rolpa and Rukum districts. Pokharel also shared that he had proposed that the constitution and restructuring of the State would also ensure an outlet to the country. According to him, all political parties should be able to forge a common viewpoint on the concerns relating to nationality, sovereignty, foreign affairs and economic development.  He clarified that there were not any differing viewpoints between CPN (UML) and CPN (Maoist Centre)'s on socialism and prosperity envisioned by both parties hence, he said, both parties could move ahead in unison.  Pokharel congratulated CPN (Maoist Centre) Chairperson Pushpa Kamal Dahal 'Prachanda' for, according to him, 'Prachanda' could be elected to the party leadership again.

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Amid concerns about conflict of interest, CJ Rana not to assign cause list in case relating to Constitutional Council

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House tells govt to take action against SEBON, NEPSE officials

Weeks after a report revealed that some officials of the regulator Securities Board of Nepal (SEBON) and Nepal's only share market, Nepal Stock Exchange (NEPSE) were involved in share transactions amounting to a conflict of interest, the Finance Committee in the House of Representatives told the government to take action against them. The post House tells govt to take action against SEBON, NEPSE officials appeared first on OnlineKhabar English News.

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Conflict of interest continues unchecked in Nepal’s government, parliament

On July 26, a former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Pashupati Murarka, tweeted something that made the rounds on social media. In the tweet, he questioned why a businessperson could not become a minister while journalists, lawyers, doctors and bureaucrats could. The following day, Nepali Congress lawmaker Divya […] The post Conflict of interest continues unchecked in Nepal’s government, parliament appeared first on OnlineKhabar English News.

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